Latest accountancy sample paper 2018(SOLVED) (FULLY UNLOCKED) 12th class

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SAMPLE PAPER (solved)
For CBSE Examination March 2018
ACCOUNTANCY
Class – XII
Time allowed: 3 hours Maximum Marks: 80
General Instructions:
1. This question paper contains Two parts A & B.
2. Both the parts are compulsory for all.
3. All parts of questions should be attempted at one place.
4. Marks are given at the end of each question.
Part – A
Partnership, Share Capital and Debentures
1. Meghna, Sejal and Deepali are partners without any partnership deed. On 1st April, 2016
their capital account balance is Rs.5,00,000 each respectively. Meghna advanced a loan
of Rs.1,00,000 to the firm on the above date but in next 4 months they could not finalised
the rate of interest on such loan. On 1st August, 2016 they decided to form a partnership
deed, according to which interest on Meghna’s loan will be given @ 7.5 % per annum.
What amount of interest will be paid to Meghna on her loan on 31st March, 2017?
[1]
2. Mr. Simar and Mr. Parth are involved in a partnership business since last 8 years with
4:3 profit sharing ratio. They decided to add a new partner (Mr. Upjay Singh) and it is
also decided that Mr. Parth and Mr. Upjay Singh will continue with the same profit
sharing ratio which is existing between Mr. Simar and Mr. Parth. Find out the New Ratio
and Sacrificing Ratio.
[1]
3. Vinod Limited forfeited a share of Rs.100 issued at a premium of 100% for non-payment
of first call of Rs.25 and final call of Rs.10 per share. State the minimum price at which
this share can be reissued.
[1]
4. Rajesh, Vinod and Mukesh were partners in a firm. In spite of repeated reminders by the
authorities, they kept dumping hazardous material into a nearby river. The Court
ordered for the dissolution of their partnership firm with immediate effect. While
dissolution process was on Realisation expenses Rs.3,800 were to be borne by Vinod
but paid by Mukesh. How will record it? Give entry.
[1]
5. Why would an investor prefer to invest partly in shares and partly in debentures of a
Company?
[1]
6. Do we calculate Interest on Drawings when a partnership firm is showing losses in the
books of accounts since last 3 years?
[1]
7. Vinod Limited had issued 8,000, 12% Debentures of Rs.100 each at a discount of 6% on
1 April, 2013. There debentures were redeemable at par on or before 31st March 2018.
[3]
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Publisher: Vishvas Publications 0172-2210596 & 09256657505

Directors of Vinod Limited decided to redeem all these debentures on 31st March, 2015
by converting them into Equity Shares of Rs.10 each at par.
Give necessary journal entries including writing off discount.
8. How will you treat Workmen Compensation Reserve at the time dissolution of a
partnership firm when Workmen Compensation Reserve given in the Balance Sheet
Rs.40,000.
Situation 1: Liability of Workmen Compensation Reserve stood at Rs.30,000.
Situation 2: Liability of Workmen Compensation Reserve stood at Rs. 55,000.
[3]
9. Balance Sheet of Vinod Ltd. showing Rs.9,80,000 balance in the Securities Premium
Reserve on 31st March, 2017. The Management of the Company has decided not to carry
this balance in the next Balance Sheet and it will be utilised. State the purpose for which
this balance can be utilised as per the Companies Act, 2013.
[3]
10. Vinod Ltd. has an authorised capital of Rs.45,00,000 divided into Equity Shares of Rs.30
each. The company invited application for issuing 1,40,000 shares.
Applications for 1,36,000 shares were received.
All calls were made and were duly received except the final call of Rs.10 per share on
10,000 shares. These shares were forfeited.
(i) Present the Share Capital in the Balance Sheet of the company as per Schedule III of
the Companies Act, 2013.
(ii) Also, prepare Notes to Accounts for the same.
[3]
11. Vinod, Ashish and Gaurav were partners sharing profits in the ratio of 3:3:2. The
partnership deed provided for the following:
(i) Ashish was guaranteed a profit of Rs.1,00,000 p.a.
(ii) A remuneration of Rs.4,000 per quarter to Vinod and Ashish.
(iii) Gaurav was entitled to a commission of Rs.16,000.
The profit of the firm for the year ended 31st March, 2017 was Rs.3,00,000 which was
distributed among the partners in the ratio of 2:2:1 without taking into consideration
the provisions of partnership deed. Give rectifying entry for the above items and show
your working clearly.
[4]
12. RK, GK and VK were partners in a firm sharing profits in the ratio of 2/4 : 3/8 : 1/8. The
firm closes its books on 31st March every year. On 1st February, 2017 GK died and it was
decided that the new profit sharing ratio between RK and VK will be 1:1. The
Partnership deed provided for the following on the death of a partner:
(a) His Share of profit in the year of his death was to be computed on the basis of average
profits of past two years.
(b) His share of goodwill be calculated on the basis of half of the profits credited to his
account during the previous four completed years. The profits for last four years were:
Year 2012 – 13 Rs.2,40,000
Year 2013 – 14 Rs.1,60,000
Year 2014 – 15 Rs.80,000
Year 2015 – 16 Rs.1,60,000
Pass necessary journal entries relating to goodwill and profit to be transferred to GK’s
Capital Account. Show your working clearly.
[4]

13. Vinod and Mayank were partners in a firm sharing profits and losses in the ratio of 1:1.
In spite of repeated reminders by the authorities, they kept dumping hazardous
material into a nearby river. The court ordered for the dissolution of their partnership
firm on 31St March, 2017. Their Balance Sheet on that was as follows:
Liabilities Amount Assets Amount
Capitals: Vinod
Mayank
Creditors
Mrs. Vinod’s loan
Mayank’s loan
Investment Fluctuation Fund
2,00,000
1,00,000
3,60,000
60,000
1,00,000
30,000
Fixed Assets
Investments
Debtors 2,00,000
Less: Provision 20,000
Stock
Bank
Profit and Loss A/c
3,80,000
1,00,000
1,80,000
70,000
80,000
40,000
8,50,000 8,50,000
The assets were realized and the liabilities were paid off as follows :
(a) Creditors were paid Rs.3,50,000 in full settlement of their claim.
(b) Mayank took away 90% of the investment at a discount of 10%.
(c) Vinod promised to pay off Mrs. Vinod’s loan and took away stock at 20% discount.
(d) Rohit, a debtor of Rs.50,000 had to pay the amount due 3 months after the date of
dissolution. He was allowed a discount of 5% for making payment immediately. The
remaining debtors were collected in full.
(e) Fixed Assets realised Rs.2,82,000 and remaining investment realised Rs.7,500.
(f) There was an old furniture which had been written off completely from the books.
Mayank took away the same for Rs.4,000.
(g) Realisation expenses Rs.2,000 were paid by vinod.
Prepare Realisation Account, Bank Account and Partners Capital Account. Also identify
the value being conveyed in the question.
[6]
14. Vinod, Ayush and Pukhraj were partners in a firm sharing profits in the ratio of 1:2:3.
Their Balance Sheet as on 31.3.2015 was as follows:
Creditors
Bills Payable
Reserve Fund
Capitals: Vinod
Ayush
Pukhraj
1,00,000
40,000
60,000
2,00,000
1,00,000
50,000
Land
Building
Plant
Stock
Debtors
Bank
1,00,000
1,00,000
2,00,000
80,000
60,000
10,000
5,50,000 5,50,000
All partners have decided that reconstitution of partnership is to be done with effect
from 1st April, 2015. For this it was agreed that:
(a) Creditors of Rs.12,000 were not likely to be claimed and hence be written off.
(b) Goodwill of the firm be valued at Rs.3,00,000.
(c) Land be revalued at Rs.1,60,000 and building be depreciated by 6%.
Prepare Revaluation Account, Partners Capital Account and new Balance Sheet.
[6]
15. (a) On 1st April, 2014, Vinod Ltd. issued 2,000; 11% debentures of Rs.100 each. 30% of
these debentures were redeemable at the end of 3rd year by converting them into Equity
Share of Rs.100 each issued at a premium of 50%. The remaining debentures were
[6]

redeemable at the end of 4th year by converting the same into Equity Shares of Rs.100
each at par. Pass necessary journal entries in the books of the firm for issue and
redemption of debentures.
(b) Fill in the blanks in the following entries:
Date Particulars L.F Debit
(Rs.)
Credit
(Rs.)
Sundry Assets A/c Dr.
To Sundry Creditors A/c
To …………………………….
To …………………………….
(Being business of Vinod & Co. purchased for a
consideration of Rs.30,00,000)
?
?
…………………………………………….. Dr.
…………………………………………….. Dr.
To 11% Debenture A/c
(Being paid to Vinod & Co. by issue debentures at
discount)
….
16. Vinod Ltd. had issued 1,00,000 Equity Shares of Rs.10 each at a premium of Rs.2 per
share payable with application money. The incomplete journal entries related to the
issue are given below. You are required to complete these blanks.
Date Particulars L.F Debit
(Rs.)
Credit
(Rs.)
…………………………………. Dr.
To ………………………………
(Being amount received on application for
1,40,000 shares @ 5 per share including
premium)
?
?
Equity Share Application A/c Dr.
To …………………………………..
To …………………………………..
To …………………………………..
To …………………………………..
(Being transfer application money to Share
capital, securities premium, and refunded for
16,000 shares for rejected applications and
balance adjusted towards allotment as shares
were allotted on pro-rata basis)
………………………………………. Dr.
To ………………………………
(Being amount due on allotment @ Rs.4 per
share)
?
?
?
?
?
?
?
[8]

………………………………………. Dr.
To ………………………………
(Being amount received on allotment)
?
?
………………………………………. Dr.
To ………………………………
(Being first and final call due)
?
?
………………………………………. Dr.
Calls in Arrear A/c Dr.
To ………………………………
(Being amount received on call)
?
3,000
?
………………………………………. Dr.
To ………………………………
To ………………………………
(Being shares forfeited for not paying call)
?
?
?
…………………………………. Dr.
…………………………………. Dr.
To ………………………………
(Being reissue of forfeited shares @ Rs.8 fully
paid)
?
?
?
…………………………………. Dr.
To ………………………………
(Being amount transferred to capital reserve)
?
?
OR
Vinod Ltd. invited applications for issuing 80,000 Equity Shares of Rs.100 each at a
premium of 20 per share. The amount was payable as follows:
On Application ……………………………………………. Rs. 20 per share
On Allotment ………………………………………………. Rs.40 per share Along with premium
On First & Final Call ……………………………………. Balance
Application for 1,20,000 shares were received. Allotment was made on pro-rata basis to
all the applicants. Excess money received on applications was adjusted on sums due on
allotment.
Mr. SK, who had applied for 6,000 shares, failed to pay the allotment money.
Mr. HK, did not pay first and final call on 800 shares allotted to him.
The share of Mr. SK and Mr. HK were forfeited. Out of the forfeited shares 4,200 were
reissued of Rs.100 per share as fully paid up. The reissued shares included all the
forfeited shares of Mr. HK. Pass necessary journal entries for the above transactions in
the books of Vinod Ltd.
17. Amit and Modi are partners in a firm sharing profits/losses in the ratio of 3/5 and 2/5.
On 31st March, 2017 they admitted Yogi into partnership for 1/5th share in the profits of
[8]

the firm. Yogi requested the existing partners to give employment to financially weaker
persons and specially abled persons. Amit and Modi were agreed to this proposal of
Yogi. On that date their Balance Sheet stood as under:
Capitals : Amit
Modi
Creditors
General Reserve
2,40,000
2,00,000
2,00,000
40,000
Plant and Machinery
Furniture
Investment
Sundry debtors
Bank
2,60,000
50,000
2,00,000
1,00,000
70,000
6,80,000 6,80,000
Yogi was admitted on the following terms:
(a) He will bring 1,60,000 as capital and Rs.60,000 for his share of goodwill premium.
(b) Partners will share future profits in the ratio of 5:3:2.
(c) Profit on Revaluation of assets and reassessment of liabilities was Rs.14,000.
(d) After making adjustments, the Capital Accounts of the partners will be in proportion
of Yogi’s Capital. Balance (if any) to be paid off or brought in by the old partners by
cheque as the case may be.
Prepare Partners Capital Account and Bank Account. Also identify any two values.
OR
On 31st March, 2017 the Balance Sheet of SK, HK and MK who were sharing profits and
losses in the ratio of 2:3:2, stood as follows:
Capitals: SK
HK
MK
Workmen compensation fund
Sundry Creditors
5,00,000
7,50,000
5,00,000
4,20,000
2,55,000
Land and building
Machinery
Furniture
Closing stock
Sundry debtors
Cash
9,50,000
2,50,000
3,85,000
2,50,000
3,50,000
2,40,000
24,25,000 24,25,000
On 31st March, 2017 HK retired from the firm and the remaining partners decided to
carry on the firm. It was agreed to revalue the assets and liabilities as follows:
(i) Sundry creditors of 32,500 be written off and Machinery be appreciated by 20%.
(ii) Land and Building appreciated by 20% and closing stock valued at 2,25,000.
(iii) Provision for doubtful debts be made at 5% on debtors.
(iv) Goodwill of the firm be valued at Rs.2,80,000 and HK’s share of goodwill be adjusted
in the accounts of SK and MK who will share future profits and losses in the ratio of 3:2.
(v) The total capital of the newly constituted firm will be Rs.17,50,000, which will be
adjusted by opening current accounts.
(vi) Amount due to HK was settled by accepting a Bill of Exchange in his favour payable
after 4 months. HK has declared that he will donate some of the amount to one NGO who
is constructing a hospital in the tribal area where this firm is situated. Prepare
Revaluation Account, Partners’ Capital Account and Balance Sheet. Also identify any two
values disclosed by HK.
Part- B

Financial Statement Analysis
18. Vinod Ltd., a mutual fund company invested Rs.22,00,000 in shares of Lallantop Ltd.
After one year company receives Rs.94,000 as dividend. How it will be depicted in the
Cash Flow Statement of the Company?
[1]
19. Classify the following activities as (i) Operating (ii) Investing or (iii) Financing in case of
a ‘Financial Enterprise’:
(a) Non-current investment sold.
(b) Interest received on Debentures held as investment.
[1]
20. (a) Under which major headings and sub-headings the following items will be shown in
the Balance Sheet of a company as per Schedule III, of the Companies Act, 2013.
(i) Outstanding Expenses
(ii) Prepaid Rent
(iii) Patents
(iv) Bank overdraft
(b) State any two objectives of Financial Statement Analysis.
[4]
21. From the given information, calculate the following:
(i) Cost of Revenue from Operations
(ii) Opening and Closing Inventory
(iii) Quick Assets
(iv) Current Assets
Information:
Inventory Turnover Ratio 6 times, Inventory at the end is Rs.6,000 more than the
inventory in the beginning, Revenue from Operations (all credits) Rs.2,40,000, Gross
Profit 25% on cost, Current Liabilities Rs.80,000, Quick Ratio 0.80: 1.
[4]
22. Prepare a Comparative Income Statement and from the following information:
Particulars 31st March
2016
31st March
2017
Revenue from operations 125% 140%
(% of cost of Material Consumed)
Cost of Material Consumed 2,40,000 2,50,000
Other expenses (% of Revenue from
Operations)
10% 12%
Other Income 15,000 20,000
Tax Rate 30% 30%
….
[4]

23. (a) From the following information, calculate Cash Flow from Operating Activities:
Particulars 31st March, 2017 31st March, 2016
Surplus i.e. Balance in Statement of P/L
Inventory
Trade Receivables
Outstanding expenses
Goodwill
Cash in hand
Machinery
1,42,000
24,000
1,16,000
29,200
1,14,000
18,000
1,64,000
1,78,000
8,000
90,000
20,000
54,000
24,000
1,12,000
(i) A piece of machinery costing Rs.1,00,000 on which depreciation of Rs.40,000 had
been charged was sold for Rs.20,000. Depreciation charged during the year was
Rs.36,000.
(ii) Income Tax Rs.46,000 was paid during the year.
(iii) Dividend paid during the year Rs.72,000.
(b) What is meant by Cash and Cash Equivalents?
[6]
__________________________________________________________________________________
Remarks by Dr. Vinod Kumar, author of Ultimate Book of Accountancy: It has been observed
that in last few years level of Accountancy Board Paper is becoming very difficult for the
students. We strongly recommend that students must do each and every illustration,
worksheets and Brilliant problems given in the new ‘Ultimate Book of Accountancy’ This book
is available on Flipkart and Amazon.
Email: authorcbse@gmail.com
Contact for this book: 09256657505 and 0172 - 2210596

SOLUTION
1. Interest on Meghna’s loan 1,00,000 x 7.5/100 x 8/12 = 5,000
2. Ratio of Mr. Simar and Mr. Parth is 4:3
Ratio of Mr. Parth and Mr. Upjay Singh will be 4:3
Mr. Parth is holding 75% of Mr. Simar’s Share
It means Mr. Upjay should get 75% of Mr. Parth’s share
So, Share of Mr Upjay will be = 75% of 3 = 2.25
New Share = 4 : 3 : 2.25 OR 16 : 12 : 9
3. Minimum price at which Vinod Limited can issue share = 100 – 65 = 35
Note: Rs. 35 is not paid, it means 65 is paid.
4. Vinod’s Capital A/c Dr. 3,800
To Mukesh’s Capital A/c 3,800
5. Investment in Shares is highly risky but provides higher return whereas debentures
provide a fixed return whether there is profit or loss. By investing in both an investor tries
to minimise his risk.
6. Yes, Interest on drawings is calculated irrespective of profit or loss. It reduces the loss
because it is treated as an income for the business.
7. Journal
Date Particulars L.F. Debit Credit
1 April
2014
Bank A/c Dr.
To Deb. App. & Allot. A/c
(Being application money received)
7,52,000
7,52,000
31
March
2014
Deb. App. & Allot. A/c Dr.
Discount on issue of Deb. Dr.
(Being application money adjusted)
Statement of P/L Dr.
To Discount on issue of Deb.
(Being discount written off)
7,52,000
48,000
9,600
8,00,000
9,600

31
March
2015
Statement of P/L Dr.
(Being discount written off)
12% Debenture A/c Dr.
To Statement of P/L
To Debenture Holders
(Being amount due to debenture holders)
Debenture Holders A/c Dr.
To Share Capital A/c
(Being issue of shares at par)
9,600
8,00,000
7,52,000
9,600
28,800
19,200
7,52,000
7,52,000
8. Situation 1.
(i) Transfer 30,000 Workmen compensation reserve in the Cr. side of Realisation A/c.
(ii) Pay 30,000 Workmen Compensation in the Dr. side of Realisation A/c.
(iii) Remaining 10,000 will be distributed by the partners (Cr. side of Capital account)
Situation 2.
(i) Transfer 40,000 Workmen compensation reserve in the Cr. side of Realisation A/c.
(ii) Pay 55,000 Workmen Compensation in the Dr. side of Realisation A/c.
9. Vinod Ltd. can utilise its Reserve for the following as per the Companies Act, 2013:
(i) To Buy Back its own shares
(ii) To issue of fully paid bonus shares.
(iii) To write off preliminary expenses/unamortised expenses/ Expense on issue of
Shares/debentures or discount on issue of debentures etc.
(iv) Provide for premium payable on redemption of debentures (if any).
10. Balance Sheet (Extract only)
Particulars Note No. Amount
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 39,80,000

Notes to Accounts
Particulars Amount
I. Share Capital
Authorised Capital
1,50,000 Equity shares of Rs.30 each 45,00,000
Issued Capital
1,40,000 Equity Shares of Rs.30 each 42,00,000
Subscribed Capital
Subscribed and Fully Paid-up
1,26,000 shares of Rs.30 each 37,80,000
Add: Share Forfeiture A/c 10,000 shares x 20 2,00,000 39,80,000
11. Vinod’s Capital A/c Dr. 12,800
Ashish’s Capital A/c Dr. 4,000
To Gaurav’s Capital A/c 16,800
Analytical Table
Particulars Vinod Ashish Gaurav Total
A. Profit wrongly taken 1,20,000 1,20,000 60,000 3,00,000
B. Should get: Remuneration
Commission
Profit 3,00,000 – 32,000 – 16,000
Deficiency adjusted
16,000
94,500
(3,300)
16,000
94,500
5,500
16,000
63,000
(2,200)
32,000
16,000
2,52,000
1,07,200 1,16,000 76,800 3,00,000
Difference A - B 12,800
Dr.
4,000
Dr.
16,800
Cr.
Nil
12. Calculation of Gain Share = New Share – Old Share
RK’s Gain = Nil
VK’s Gain = 3/8
Share of profit = 80,000 + 1,60,000 = 2,40,000/2 = 1,20,000
Profit for 10 months = 1,20,000 x 10/12 = 1,00,000
GK’s share of profit = 1,00,000 x 3/8 = 37,500
Share of Goodwill = Total profit of last four years = 6,40,000
GK’s share in last four year’s profit = 6,40,000 x 3/8 = 2,40,000
GK’s share of goodwill = 2,40,000 x 1/2 = 1,20,000
VK’s Capital A/c Dr. 1,20,000
To GK’s Capital A/c 1,20,000

13. Realisation Account
Particulars Amount Particulars Amount
To Sundry Assets:
Stock 70,000
Investment 1,00,000
Debtors 2,00,000
Fixed Assets 3,80,000
To Vinod’s Capital A/c (loan)
To Bank A/c (creditors)
To Vinod’s Capital A/c (expense)
7,50,000
60,000
3,50,000
2,000
By Provision for doubtful debts
By Sundry Liab:
Creditors 3,60,000
Invest. F.F. 30,000
Mrs. Vinod’s loan 60,000
By Vinod’s Capital A/c (stock)
By Mayank’s Capital A/c
(invest.)
By Bank A/c (Assets Realised):
Debtors 1,97,500
Fixed Assets 2,82,000
Investment 7,500
By Mayank’s Capital A/c
By Loss transferred: Vinod
Mayank
20,000
4,50,000
56,000
81,000
4,87,000
4,000
32,000
32,000
11,62,000 11,62,000
Partners’ Capital Account
Particulars Vinod Mayank Particulars Vinod Mayank
To Realisation A/c
To P/L A/c
To Realisation A/c
To Realisation A/c
To Bank A/c
32,000
20,000
56,000
1,54,000
32,000
20,000
81,000
4,000
By Balance b/d
By Realisation A/c
By Realisation A/c
By Bank A/c
2,00,000
2,000
60,000
1,00,000
37,000
2,62,000 1,37,000 2,62,000 1,37,000
Bank Account
Particulars Amount Particulars Amount
To Balance b/d
To Realisation A/c
To Mayank’s Capital A/c
80,000
4,87,000
37,000
By Realisation A/c
By Mayank’s loan
By Vinod’s Capital A/c
3,50,000
1,00,000
1,54,000
6,04,000 6,04,000
Values: (i) A business firm should be concerned for the Health of citizens.
(ii) Firm should take care of environment.
14. Revaluation Profit Rs.66,000; Capitals of the partners Rs.1,71,000; Rs.1,42,000 and
Rs.1,63,000; Balance Sheet Rs.6,04,000.

15. (a) Entries on Issue of Debentures:
Bank A/c Dr. 2,00,000
To Debenture App. & Allot. A/c 2,00,000
(Being application money received)
Debenture App. & Allot. A/c Dr. 2,00,000
To 11% Debentures A/c 2,00,000
(Being debentures issued)
On Redemption of Debentures:
11% Debenture A/c Dr. 60,000
To Debenture Holders A/c 60,000
(Being amount due on redemption)
Debenture Holders A/c Dr. 60,000
To Equity Sh. Capital A/c 40,000
To Securities Premium 20,000
Redemption of Debentures (next year)
11% Debenture A/c Dr. 1,40,000
To Debenture Holders A/c 1,40,000
(Being amount due to debenture holders)
Debenture holders A/c Dr. 1,40,000
To Equity Share Capital A/c 1,40,000
(Being issue of equity shares)
(b) Journal
Date Particulars L.F Debit (Rs.) Credit (Rs.)
Sundry Assets A/c Dr.
To Sundry Creditors A/c
To Vinod & Co.
To Capital Reserve
(Being business of Vinod & Co.
purchased for a consideration of
Rs.30,00,000)
36,00,000
4,00,000
30,00,000
2,00,000
Vinod & Co. Dr.
Discount on issue of Deb. A/c Dr.
(Being paid to Vinod & Co. by issue
debentures at discount)
30,00,000
15,00,000
45,00,000

16. Journal
Date Particulars L.F Debit (Rs.) Credit (Rs.)
Bank A/c Dr.
To Equity Share application A/c
(Being amount received on application for
1,40,000 shares @ 5 per share including
premium)
7,00,000
7,00,000
To Equity Share Capital A/c
To Securities Premium
To Equity Share Allotment
To Bank A/c
(Being transfer of application money to Share
capital, securities premium, money refunded for
16,000 shares for rejected applications and
balance adjusted towards amount due on
allotment as shares were allotted on pro-rata
basis)
7,00,000
3,00,000
2,00,000
1,20,000
80,000
Equity Share Allotment A/c Dr.
To Equity Share capital A/c
(Being amount due on allotment @ Rs.4 per
share)
4,00,000
4,00,000
Bank A/c Dr.
To Equity Share Allotment A/c
2,80,000
2,80,000
Equity Sh. First & Final Call A/c Dr.
3,00,000
3,00,000
Bank A/c Dr.
Calls in Arrear A/c Dr.
To Equity sh. First & final call
2,97,000
3,000
3,00,000
Equity Share Capital A/c Dr.
To Share Forfeiture A/c
To Calls in Arrears A/c
10,000
7,000
3,000

Bank A/c Dr.
Share Forfeiture A/c Dr.
(Being reissue of forfeited shares @ Rs.8 fully
paid)
8,000
2,000
10,000
To Capital Reserve
5,000
5,000
OR
Date Particulars L.F Debit (Rs.) Credit
(Rs.)
Bank A/c Dr.
To Equity Share application A/c
(Being amount received on application for 1,20,000
shares @ 20 per share)
24,00,000
24,00,000
To Equity Share Allotment
(Being application money adjusted)
24,00,000
16,00,000
8,00,000
Equity Share Allotment A/c Dr.
To Equity Share capital A/c
To Securities Premium A/c
(Being amount due on allotment)
48,00,000
32,00,000
16,00,000
Bank A/c Dr.
To Equity Share Allotment A/c
38,00,000
38,00,000
Equity Sh. First & Final Call A/c Dr.
32,00,000
32,00,000
Bank A/c Dr.
To Equity sh. First & final call
30,08,000
30,08,000

Equity Share Capital A/c Dr.
Securities Premium A/c Dr.
To Share Forfeiture A/c
To Share Allotment A/c
To Share First & Final Call
4,80,000
80,000
1,68,000
2,00,000
1,92,000
Bank A/c Dr.
(Being reissue of forfeited shares)
4,20,000
4,20,000
To Capital Reserve
1,50,000
1,50,000
17 Sacrificing Share = 1:1
Goodwill 60,000 brought by new partner will be shared by sacrificing partners equally.
Amit’s Capital Account Rs.4,00,000
Modi’s Capital Account Rs.2,40,000
Yogi’s Capital Account Rs.1,60,000
Amount brought by Amit Rs.97,600
Amount withdrawn by Modi11,600
Bank Balance Rs.3,76,000.
Values: (i) Empathy towards financial weaker section of the society.
(ii) To provide opportunities to specially abled persons.
OR
Revaluation Profit Rs.1,30,000
SK’s Capital Account Rs.10,50,000
MK’s Capital Account Rs.7,00,000
HK (Bill Payable) 11,05,714
SK’s Current A/c Dr. Balance Rs.4,80,857
MK’s Current A/c Dr. Balance Rs.74,857
Balance Sheet 30,78,214
Gain Ratio 11:4
HK’s share of goodwill Rs.1,20,000
Values:
(i) Social responsibility and empathy.
(ii) Development of tribal area and concern for the health of people belonging to that area.

18. Vinod Ltd. is a financing company so there is no cash flow from investing activities.
19. (a) Operating Activities (b) Operating Activities
20. (a) Major heads and sub-heads
(i) Outstanding Expenses -------- Current Liabilities ------- Other current liabilities
(ii) Prepaid Rent --------------------Current Assets ------------Other current assets
(iii) Patents ------------------------- Non Current Assets ------ Intangible Assets
(iv) Bank overdraft ---------------- Current Liabilities --------Short term borrowings
(b) (i) To assess the earning capacity or profitability of the firm.
(ii) To assess the managerial efficiency and solvency of the firm.
21. Cost of Revenue from Operations
If we assume cost = 100
Gross Profit = 25
Revenue from operation will be = 100 + 25 = 125
Given in the question 2,40,000 (credit)
Cost of Revenue from operation = 2,40,000 x 100/125 = 1,92,000
Opening and Closing Inventory
Assume opening inventory = x
Closing inventory will be 6,000 more than opening inventory = x + 6,000
Average inventory = Opening + closing inventory/2
Inventory Turnover Ratio =
Cost of Revenue from operations/ Average Inventory = 6 given
1,92,000
6 = x + x + 6,000
2
6x + 6x + 36,000 = 3,84,000
12x = 3,84,000 – 36,000
12x = 3,48,000 It means opening inventory will be 29,000 i.e. 3,48,000/12 and closing
inventory 29,000 + 6,000 = 35,000
Quick Assets
Current liabilities 80,000 given so quick assets = 80,000 x 0.80 = 64,000
Current Assets = Quick Assets + Closing inventory i.e. 64,000 + 35,000 = 99,000
22. COMPARATIVE INCOME STATEMENT

Particulars 2012 2013 Absolute
Change
Percentage
Change
I. Revenue from Operations
II. Add : Other Income
3,00,000
15,000
3,50,000
20,000
50,000
5,000
16.67
33.33
III. Total Revenue (I+II) 3,15,000 3,70,000 55,000 17.46
IV. Expenses :
a. Cost Material Consumed
b. Other expenses
Total Expenses
2,40,000
30,000
2,50,000
42,000
10,000
12,000
4.16
40.00
2,70,000 2,92,000 22,000 8.15
V. Profit before tax
(III-IV) Less : income Tax
45,000
(13,500)
78,000
(23,400)
33,000
(9,900)
73.33
73.33
VI. Profit after tax 31,500 54,600 23,100 73.33
23. (a) Cash Flow Statement (Operating Activities)
Particulars Amount
Profit before Tax
Add: Depreciation on Machinery
Loss on sale of Machinery
82,000
36,000
40,000
Operating Profit before Working Capital Changes
Add: Outstanding Expense
Less: Inventory
Trade Receivable
1,58,000
9,200
(16,000)
(26,000)
Cash Generated from operating activities
Less: Tax
1,25,200
46000
Cash flow from Operating Activities after tax 79,200
(b) Cash and Cash Equivalents: It means short term, highly liquid assets which can be
converted into cash in a very short period of time (say less than 3 months). It involves Cash
in hand, Cash at bank, Cheques in hand, and Drafts in hand, Commercial bill, Deposit slip and
short term investment.

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